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18/09/2012

Ucits funds from Gibraltar available in the UK

Ucits funds domiciled in Gibraltar can now be sold in the UK after HM Treasury agreed to enable fund “passports” from the offshore haven, FT Adviser reports.Gibraltar’s Financial Services Commission (FSC) signed up to Ucits IV in October 2011.
18/09/2012

iShares recruits former Credit Suisse manager

iShares, the exchange traded funds platform of BlackRock, has announced the appointment of Ursula Marchioni to its EMEA Investment Strategy and Insights team.She joins iShares from Credit Suisse, where she was most recently head of ETF sales strategy for its asset management division. Ursula Marchioni joins iShares’ EMEA Investment Strategy and Insights team as a director and will be based in its London office. The team is led by Stephen Cohen, head of investment strategies EMEA.
18/09/2012

Former OMAM manager joins Premier AM

Simon Wilson, who has left Old Mutual Asset Managers after 12 years, will join Premier Asset Management in early October as head of marketing, Investment Week reports.
18/09/2012

Dalton hires PM

Dalton Strategic Partnership has appointed Luca Vaiani as portfolio manager joining from Fondaco SGR, Fundweb reports. Previously manager of the multi-asset, absolute return Fondaco Global Opportunities fund, the new PM joins as part of a six-strong team responsible for the Melchior Multi-Asset fund and will work alongside CIO Rupert Caldecott
18/09/2012

Deutsche Bank announces management team for AWM unit

On 17 September, Deutsche Bank announced the composition of the executive committee for its new asset & wealth management (AWM) division, which will be led by Michel Faissola (see Newsmanagers of 12 September).The committee will include:* Michele Faissola, Chair, Head of Asset & Wealth Management and* Jon Eilbeck, Chief Operating OfficerThe committee will additionally include representatives of the major investment platformand and the various functions in the AWM unit. These include:* Reinhard Bellet, Head of Passive Investments*Randy Brown, Co- Chief Investment Officer of Asset Management*Pierre Cherki, Head of Alternative Investments (Internal Managers)*Mark Cullen, Head of Operating Platform & Re-engineering*Stephane Farouze, Head of Alternative Investments (Third-party Managers)*Kevin Lecocq, Chief Investment Officer of Wealth Management*Wolfgang Matis, Head of Active Investments*Balaji Prasanna, Head of Loans/Deposits and Asset & Liability Managementand Asoka Woehrmann, Co-Chief Investment Officer of Asset Management.In addition, the committee will include representatives of client areas:*Marco Bizzozero, Head of Wealth Management EMEA*Thomas Bowers, Head of Wealth Management Americas*Joachim Haeger, Head of Wealth Management Germany (Deutsche Bank)*Wilhelm von Haller, Head of Wealth Management Germany (Sal. Oppenheim)*Ravi Raju, Head of Wealth Management Asia Pacific and*Dario Schiraldi, Head of DistributionThe regional executive committees for AWM will be chaired by members of the executive board:*Wolfgang Matis: Germany*Ravi Raju: Asia-Pacific*Dario Schiraldi: Europe, Middle East and Africa (EMEA)The chairman of the regional committee for the Americas has yet to be appointed.
18/09/2012

Pimco, Axa and M&G lead sales in Europe

According to an analysis undertaken for Expansión by Lipper Thomson Reuters and JP Morgan Asset Management (JPMAM), emerging market bond funds were the category which had the largest inflows in net terms in Europe in first half. Global funds attracted EUR6bn.The strongest net subscriptions in the period under review were for Pimco, with EUR12.8bn, followed by Axa Investment Managers (EUR9.8bn) and M&G Investments (EUR6.6bn).
18/09/2012

Henderson GI merges bond funds

Henderson Global Investors would like to merge the Henderson Global Bond Fund with the Henderson Overseas Bond Fund, Fund Web reports.Assets under management in the Henderson Global Bond Funds totalled GBP726,765 as of 24 August. This is too small a size to continue to envision sustainable management of the vehicle, Henderson estimates. Assets under management in the Henderson Overseas Bond Fund total over GBP225m.The merger will take place on 25 October, pending the approval of the investors concerned.
18/09/2012

New Episode multi-asset fund for M&G

UK-based M&G Investments has launched the M&G Episode Defensive Fund, completing the recently re-branded M&G Episode Multi Asset fund range, which now includes the M&G Episode Defensive Fund, the M&G Episode Income Fund, previously M&G Income Multi Asset Fund, the M&G Episode Balanced Fund, previously M&G Cautious Multi Asset Fund, the M&G Episode Growth Fund, previously M&G Managed Fund and the M&G Episode Macro Fund, previously M&G Macro Episode Fund.The fund is managed by Eric Lonergan, who is also co-manager of the M&G Episode Macro Fund. It offers UK investors with an appetite for lower volatility the opportunity to gain exposure to the multi asset strategy developed by the team led by Dave Fishwick.The Episode Defensive Fund is fully flexible and can take long and short positions in a broad range of investible assets including equities, fixed interest, cash and other assets such as property. When the fund manager has no market views, the fund will be invested in cash.The new product will be invested at a minimum 70% in sterling or hedged back to sterling.
18/09/2012

Mark Lyttleton makes a comeback at BlackRock

Mark Lyttleton will be returning to his old position at BlackRock next week, after a break of several months for family reasons, Investment Week reports. He will return to managing the UK Absolute Alpha and UK Dynamic funds. Lytteton left in June this year.
18/09/2012

JO Hambro to launch a multi-asset class fund

Boutique fund manager JO Hambro Capital Management, which was acquired last year by the Australian firm BT Investment Management, is planning to launch a multi-asset class fund, which will be limited to bonds and equities, Fund Web reports.According to the CEO of JO Hambro, Gavin Rochussen, “this will include only equities and fixed income. I would not like to include more complex investments. The reasons I would not like to add such products are the cost, the inherent difficulties of such products, and liquidity. Investors are looking for simple and easy-to-understand products.”
18/09/2012

Skandia preparing a series of multi-managed funds

Old Mutual Wealth (formerly Skandia) is preparing to launch a series of multi-management funds by the end of this month, based on returns, Fund Web reports.The four funds planned will be entitled “Generation,” and will be multi-management funds led by John Ventre and his team. They will be made available under the Skandia brand name initially, and will adopt the Old Mutual brand name in 2013.More precisely, the funds are Generation 3:4, Generation 3:6, Generation 4:4 and Generation 4:6. The first figure is the expected inflation rate, and the second is the expected return.
18/09/2012

Convertible bonds perform well, but concerns persist

Convertible bonds (CB) have become an appealing, more mainstream asset class which can provide attractive risk-adjusted returns but are subject to investment and technical risks that fund investors need to be aware of, Fitch Ratings says in two new reports. Global convertible funds have returned an annualised 9.5% over the past three years, approximately the same return as global equity but with 50% of the volatility based on Lipper data. However, over the past three years, CB funds have captured more of the market downside and less of the market upside than expected, according to Fitch’s research, which may point to greater credit sensitivity, notably in high yield. The asymmetric return profile, or CB funds’ ability to capture equity upside and protect against equity price falls, claimed by the industry is overstated for certain funds, the agency has found. Lower CB issuance has led to a stagnating market, while long-only «buy-and-hold» institutional investors have generally replaced hedge funds as convertible bond holders since the collapse of Lehman. This has resulted in less liquidity and more mispricing on certain segments of the market. «Fund investors need to focus on four areas when selecting and monitoring a CB fund: yield, convexity (ability to generate asymmetric returns) and overall risk profile; management of liquidity and supply constraints; management of market sensitivities and the ability to draw on multiple resources and inputs,» says Manuel Arrive, Senior Director in Fitch’s Fund and Asset Manager rating group. Global CB funds have seen net inflows of over EUR2bn year to date, offsetting outflows from European funds (over EUR600M). Overall, convertible bond fund AUM has stabilised above pre-Lehman levels at EUR55bn.
18/09/2012

Former Nomura traders join Occitan

Occitan Capital Partners, a firm speclalised in investment in equities and equity derivatives, has extended its investment team with four new partners, two of whom work at Nomura, Financial News reports. These include Alexandre Capez and Othmane Akherraz. Occitan was founded in 2010 by Herve Gallo, a former equity derivaties trader at Nomura, and Thomas de Garidel-Thoron, of Boussard & Gavaudan Asset Management.
18/09/2012

China: Aviva Investors throws the towel

According to the most recent update of fund management firms which applied for a licence from the securities commission released by the Chinese regulator, the CSRC, the foreign partner in the joint venture that had initially been formed by Aviva Invetors (49%) and China Central Securities of Changsa (51%) is now Ashmore Investment Management, Z-Ben Advisors reports. No details about the sale price have been released.Aviva Investors had been engaged since 2007 in an effort to break into the Chinese market, initially with COFCO, and then with China Central.
18/09/2012

Union Investment RE adds a real estate portfolio to Axa REIM

For an undisclosed amount, the German asset management firm Union Investment Real Estate has acquired the real estate complex K-Point, located in Kirchberg, Luxembourg, which will be added to the portfolio of the institutional real estate fund UniInstitutional European Real Estate. The complex includes 8,169 square metres of office space, 1,041 square metres of commercial space, and 620 square metres of archival area, plus parking slots.This is the first investment in Luxembourg for the German fund, which has seen a net inflow of EUR300m in the first seven months of this year.
17/09/2012

Nouvelle contraction de l'indice Empire State

L’activité manufacturière dans l’Etat de New York s’est contractée en septembre pour le deuxième mois d’affilée, reculant à son plus bas niveau depuis trois ans et demi à la suite d’une chute des commandes, a annoncé lundi la Réserve fédérale de New York. L’indice dit «Empire State» a reculé à -10,41, son plus bas niveau depuis avril 2009, contre -5,85 en août. Les économistes interrogés par Reuters prévoyaient en moyenne une amélioration à -2,00.
17/09/2012

Barack Obama saisit l’OMC contre la Chine

Les Etats-Unis ont annoncé lundi l’ouverture d’une nouvelle procédure contre les subventions à l’exportation chinoises dans le secteur de l’automobile et des pièces détachées. «Les subventions à l’exportation sont interdites au regard des textes de l’OMC parce qu’elles sont injustes et faussent gravement les échanges internationaux», a déclaré le délégué américain au Commerce Ron Kirk dans un communiqué.
17/09/2012

La FAO soutient le projet français de stocks stratégiques

L’agence de l’Onu dédiée à la sécurité alimentaire a apporté lundi son «plein soutien» au projet de François Hollande de constituer des stocks alimentaires stratégiques pour lutter contre la volatilité des cours des prix alimentaires. Le directeur général de l’organisation a indiqué à l’issue d’un entretien avec le président français qu’il jugeait le moment particulièrement bien choisi pour constituer ces stocks.
17/09/2012

Telecom Italia Media réservé à la hausse

La cotation de Telecom Italia Media a été retardée lundi à la Bourse de Milan alors que le titre était indiqué en hausse de 12%, en réaction à des informations selon lesquelles plusieurs sociétés ont exprimé leur intérêt pour l’entreprise. Parmi les repreneurs potentiels cités figure Mediaset , le numéro un du secteur, contrôlé par la famille de l’ex-président du Conseil Silvio Berlusconi.
17/09/2012

Montefiore Investment atteint son objectif pour la levée de son Fonds III

Montefiore Investment, le fonds indépendant spécialiste de l’investissement dans les PME de services de l’économie présentielle en France, annonce avoir atteint son objectif de levée pour le Fonds Montefiore Investment III. Après avoir lancé la souscription de son dernier Fonds au printemps 2012, ce troisième véhicule affiche d’ores et déjà une taille globale de 180 millions d’euros, soit le montant initialement ciblé.
17/09/2012

Apax risque de perdre 600 millions d’euros sur Marken

Le groupe de private equity pourrait perdre 600 millions d’euros lors de la cession de Marken Time Critical Express, un service d’expédition d’échantillons sanguins et pharmaceutiques, croit savoir le Sunday Times. Apax avait versé 975 millions d’euros pour Marken en 2009. Le fonds a mandaté Morgan Stanley pour cette opération.
17/09/2012

Vers un alourdissement de la fiscalité de l'assurance-vie

Selon l'édition de samedi du Parisien, le gouvernement envisage de modifier le calcul de la fiscalité de l’assurance-vie. Plutôt que la date d’ouverture du contrat, c’est la durée d’investissement qui serait prise en compte pour l’allégement de l’impôt.Ce projet pourrait passer devant les députés à la fin de l’année dans le cadre du paquet compétitivité.
17/09/2012

Rip Curl dans le sillage de Billabong

La marque australienne d’équipement de glisse suit l’exemple de sa concurrente, qui examine actuellement deux offres de sociétés de private equity. Rip Curl a indiqué avoir mandaté Bank of America Merrill Lynch pour se mettre en vente et avoir reçu des marques d’intérêt. La société pourrait être valorisée 500 millions de dollars locaux environ (400 millions d’euros).
17/09/2012

L’Asie, eldorado du private equity

Affinity Equity Partners, société de private equity spécialiste de l’Asie, cherche selon des sources Reuters à lever quelque 3,5 milliards de dollars pour un nouveau fonds. Nombre d’acteurs tirent parti de l’appétit des investisseurs pour la région. Selon Preqin, les investissements en Asie représentent 130 milliards au sein de 386 fonds en cours de collecte.
17/09/2012

L'Italie lève son interdiction des ventes à découvert

La Consob, autorité italienne des marchés financiers, a décidé de ne pas prolonger son interdiction des ventes à découvert sur les valeurs financières au vu de l’amélioration du marché après le plan de rachats d’obligations d’Etat annoncé par la BCE. Cette interdiction, mise en place pour la première fois le 23 juillet, prenait fin vendredi. L’interdiction des ventes à découvert «à nu» reste en place.
17/09/2012

Le relèvement du plafond du livret A effectif le 1er octobre

Le relèvement du plafond du livret A et le doublement de celui du livret de développement durable (LDD) seront effectifs le 1er octobre, a annoncé dimanche le ministre de l’Economie et des Finances Pierre Moscovici. Le ministre, qui était l’invité du Grand Jury RTL-LCI-Le Figaro, a indiqué que le décret sur ces mesures serait publié au Journal officiel du 19 septembre, en vue d’une mise en œuvre à compter du 1er octobre. Alors que le gouvernement avait promis que le relèvement interviendrait à la mi-septembre, Pierre Moscovici a justifié ce délai par des raisons techniques, les banques ayant besoin d’adapter leurs systèmes informatiques, et légales, les intérêts des livrets étant calculés par quinzaine. Le plafond du livret sera ainsi relevé de 25% à 19.125 euros et celui du livret de développement durable passera à 12.000 euros.
17/09/2012

ICE rachète une plate-forme d’APX-Endex

IntercontinentalExchange, propriétaire du premier marché européen de l’énergie, va prendre une participation majoritaire (79% environ) dans la plate-forme de négoce de gaz détenue par APX-Endex. Nederlandse Gasunie possèdera le solde. APX-Endex, basé à Amsterdam, propose des contrats à terme pour l’électricité et le gaz naturel au Royaume-Uni, en Belgique et aux Pays-Bas.

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